Earnings expectations continue to drift lower, yet the market moves higher. The market is usually right so maybe earnings will stabilize here after the first quarter and begin to move higher but I'm not willing to speculate on that outcome so my model continues to call for a zero market exposure. If valuation were better or sentiment indicated panic, I would be inclined to participate but that is certainly not the case right now. The risk/reward ratio looks very unfavorable here and I'm happy to wait this situation out awhile longer. I'm looking at adding a technical factor to my model that would tend to move with the market but even that indicator is just neutral at present.